If you’ve read any of my articles — or the articles of my fellow team members on the Cryptozoa publication — then you’ve probably figured out that, We are BULLISH on DRIP!
From a Sentiment Analysis standpoint, if you’ve concluded anything other than a bullish community with ambitions higher than what DRIP currently is, then you’re not looking in the right places. We are holding our DRIP, and we are compounding our gains back into it, and you can find proof of this wallet to wallet.
From a fundamental analysis point of view you’ll find very similar things. With the recent release of themanor.farm, as well as frequent updates from the DEVs on backend updates, and features coming in the future for this project, the future for DRIP is very bullish, and many of us don’t have any plans to sell anytime soon.
So what about the technicals? I’m not talking about a billion stochastics and moving averages that will skew the chart (mostly due to a lack of price data since the coin is still new); I’m talking about a brass tax view of the charts. Volume, support & resistance, and tracing the future of this project with Fibonacci Extensions.
First, let’s take a snapshot of the current price (as of Dec 21, 2021) off of poocoin.app (if anyone knows another place with tradingview charts for DRIP, please let me know. It hurts my frontal lobe to reference something named “poocoin”…):
Figure 1: DRIP/BUSD as of December 21st, 2021. Daily chart
As you can see we had a HUGE spike in price & volume in the lead-up to themanor.farm release, with the new all-time high (ATH) of $88.68 being reached (price may vary between the charts and pancakeswap). Unfortunately many of us are also aware that the stronger a coin moves in either direction, the stronger that market correction will be — especially in the case where DRIP had such a SURGE in volume — and therefore DRIP could now be in what is called, a ‘contraction’ phase of the market (also called a consolidation period by some). This is where price tends to whipsaw back and forth frequently (see Figure 2 below), where the market takes a breather, and new buyers tend to enter the market, and sellers leave. These periods of price action always lend to the same question: Where will price go next?
Figure 2: An example of a contraction/consolidation period for the month of October, 2021
Now, there are many ways that someone can attempt to determine where a market could go, and varying types of predictive analytics not exclusive to trading. The attempt I make at determining this has to do with Fibonacci Extensions, to which I won’t spend a whole lot of time explaining (if you become curious to them, I will let you do your own independent study on them, as I am not a mathematician, and will likely butcher the ‘literal’ definition).
The range at which they measure is quite broad, and entire doctorate theses have been written, and defended on this subject. What I will say is that they can be an essential predictor of trends, patterns, support & resistance, pullbacks, and much more in trading. One such important ratio measured by Fibonacci’s (also a part of the ‘golden ratio’) is 61.8%, and I will focus on it as a tool of measurement.
Figure 3: DRIP has respected the 6.18% ‘fibs’. This is represented every time it ‘pings’ (hits) the 61.8% fib and pulls back or bounces off. More pings, the stronger the fibs.
Looking at the fibs on the chart, we can see that DRIP has respected the fibs by ‘pinging’ off them. This lets us know that if price continues downwards or upwards, that we will likely continue to see the same type of price action. Our ATH actually pinged the 4.618 fib on the chart before pulling back. So what does this mean? Well, something is frequently observed in trading is that these fibs extensions will usually run all the way to 9.618 before a major correction — and most typically can signal a possible reversal (bullish trend to a bearish trend). So if we are to assume that this could be the case here (especially since it has been respecting those levels), then how high could we possibly get to before that pullback?
Figure 4: 9.618 fib sits at around $180 USD
After adjusting my chart to actually show the 9.618 fib extension laid out, we can see that that price sits around $180 USD. To some this might see a bit farfetched and out of reach, but just remember this: on December 1st the price for DRIP was just short of $27 USD, and in that same month we saw almost $90 USD. Anything is possible in this market.
It’s a pretty huge number from our current price action, but for context remember that based on the technicals present here, and based on how DRIP price action has respected these Fibonacci levels, it is entirely possible that this price will be reached in the future. Obviously in this type of market everything can be a bit speculative at times — especially with so little trade history — but the future of DRIP looks bright, and most importantly: BULLISH!
=========================================
If you aren’t already in DRIP and are looking to get started, see the below resources. Also, my telegram is https://t.me/davejay90 and am always willing to answer any questions there.
DRIP Referral Link: drip.community/faucet?buddy=0x8FcCC8832038fDa7f6C4f933284D5056fB175113
How to get started with DRIP: https://faucetsandfarms.com/2021/12/13/make-huge-passive-income-drip-network-1-daily-interest-gains%e2%80%8a-%e2%80%8a365-apy/
Buddy Address: 0x8FcCC8832038fDa7f6C4f933284D5056fB175113
Cryptozoa Telegram — https://t.me/joinchat/PbTulqLoCmAzZmQx
DRIP Lightpaper — https://www.docdroid.net/0i3RJTu/drip-lightpaper-pdf
DRIP CONTRACT LINK — https://bscscan.com/token/0x20f663cea80face82acdfa3aae6862d246ce0333
Buy bR34P: https://exchange.pancakeswap.finance/#/swap?inputCurrency=0xa86d305a36cdb815af991834b46ad3d7fbb38523
